Operating Expense Account Sample Clauses
The Operating Expense Account clause establishes a dedicated account for managing and tracking the payment of operating expenses related to a property or business. Typically, this clause outlines who is responsible for funding the account, how funds are deposited, and the types of expenses that may be paid from it, such as utilities, maintenance, or insurance. By clearly defining the procedures for handling operating expenses, this clause ensures transparency and accountability, reducing the risk of disputes over payments and helping to maintain smooth financial operations.
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Operating Expense Account. City shall establish, in City’s name, utilizing the federal tax identification number of City, a deposit account (the “Deposit Account”) and an operating expense account (the “Operating Expense Account”). All Gross Revenues of the Property shall be collected, received, and deposited by KSM exclusively through the Deposit Account in accordance with the terms of this Agreement and that all Operating Expenses shall be handled and expended exclusively through the Operating Expense Account. City agrees that individuals designated by KSM, and approved in writing by City, shall be signatories on the accounts, and that City will not change the signatories of such accounts or close such accounts without the prior written consent of KSM. On or before the Commencement Date (and in any event, prior to KSM’s incurrence of any Operating Expenses), City shall remit to KSM for deposit into the Operating Expense Account, City’s Advances equal to one month’s estimated Operating Expenses (“Operating Expense Minimum”). City shall replenish the Operating Expense Account in order to maintain the Operating Expense Minimum in the Operating Expense Account as described below. KSM shall use the funds in the Operating Expense Account to pay the Operating Expenses of the Golf Courses. On a monthly basis, KSM shall provide City with a statement describing the anticipated source and use of funds for the Golf Courses for the next monthly period. Within five (5) days after City’s receipt of such statement from KSM, City shall remit to the Operating Expense Account the amount set forth in such statement, less the amount, if any, then on deposit in the Deposit Account to the extent City authorizes the transfer of such amount to the Operating Expense Account. The Parties agree to adjust the Operating Expense Minimum seasonally, or as otherwise required from time to time, in order to reflect the then-current payment obligations of the Golf Courses.
Operating Expense Account. On a bi-weekly basis, the Company shall provide the County with a statement containing a detailed list of Operating Expenses to be paid and Gross Revenues for such period. Within ten (10) days after County's receipt of such statement from the Company, the Company shall remit to the Operating Expense Account the amount set forth in such invoice, less the amount, if any, then on deposit in the Operating Expense Account to the extent the County authorizes the transfer of such amount to the Operating Expense Account.
Operating Expense Account. Prior to occupancy, Tenant shall establish an interest-bearing Operating Expense Account solely for the purposes of collecting all Premises revenue and paying all Operating Expenses. Thereafter, but prior to ▇▇▇▇▇▇’s occupancy, the County shall make an initial deposit to fund the Operating Expense Account in an amount equal to not less than County's Maximum Monthly Contribution for one month. On a regular basis, but no less frequently than on a monthly basis on the first day of each month of the term hereof, Tenant shall pay to, or deposit into the Operating Expense Account, an amount no less than Tenant's Share of actual Operating Expenses incurred, with a minimum balance of 1.5 times the Tenant's Estimated Monthly Contribution to be maintained by Tenant in the Operating Expense Account at all times. The balance (the actual payment of the monthly required Operating Expenses, less County's Maximum Monthly Contribution) remains the sole financial responsibility of the Tenant Tenant shall notify the County in writing at , of the necessity to replenish the Operating Expense Account and County agrees to fund the required replenishment of the Operating Expense Account within 30 days of receipt of ▇▇▇▇▇▇’s request. Tenant shall provide the County quarterly and annual reconciliations of the Operating Expense Account reflecting the actual expenses incurred and paid, comparison of the projected and actual Operating Expenses, and the Community Center Expense Summary, as provided for in Section 6.1 (and subject to County's right in year one of the term hereof to require monthly reporting, as set forth in Section 6.1). The Operating Expense Account shall be subject to review and audit by the County pursuant to Article 6, hereof.
Operating Expense Account. On or before the Commencement Date (and in any event, prior to KSM’s incurrence of any Operating Expenses), Owner shall remit to KSM for deposit into the Operating Expense Account, Owner’s Advances equal to one month’s estimated Operating Expenses (as specified in the approved Budget) (the “Operating Expense Minimum”). Owner shall replenish the Operating Expense Account in order to maintain the Operating Expense Minimum in the Operating Expense Account as described below. KSM shall use the funds in the Operating Expense Account to pay the Operating Expenses of the Course. On a monthly basis, KSM shall provide Owner with a statement describing the anticipated source and use of funds for the Course for the next monthly period. Within five (5) days after Owner’s receipt of such statement from KSM, Owner shall remit to the Operating Expense Account the amount set forth in such statement, less the amount, if any, then on deposit in the Deposit Account to the extent Owner authorizes the transfer of such amount to the Operating Expense Account. The parties agree to adjust the Operating Expense Minimum seasonally, or as otherwise required from time to time, in order to reflect the then-current payment obligations of the Course.
Operating Expense Account. During a Cash Sweep Period, Borrower shall submit to Lender not later than the twentieth (20th) day of each calendar month, a statement certified by Borrower in the form required by Lender (i) setting forth those Operating Expenses and Extraordinary Expenses to be paid by Borrower during the following calendar month, (ii) stating that no Operating Expenses or Extraordinary Expenses are more than sixty (60) days past due. Together with each such request, Borrower shall furnish Lender with bills and all other documents necessary for the payment of the Operating Expenses and/or Extraordinary Expenses which are the subject of such request. Only those Operating Expenses which are consistent with the Approved Annual Budget, as well as those Operating Expenses and Extraordinary Expenses otherwise approved by Lender in writing in its reasonable discretion, shall be approved for payment and shall be disbursed to the Borrower’s Account on the next Monthly Payment Date
Operating Expense Account. At the time an Approved Eligible Project is added to the Borrowing Base and at all times thereafter until the full and final payment and satisfaction of all of the Obligations, the Borrower Representative, on behalf of the Borrower for such Borrowing Base Project, shall establish and maintain a deposit account with the Administrative Agent designated as such Borrower’s operating expense account (each an “Operating Expense Account”) for such Borrowing Base Project, and shall cause each Operating Expense Account to be funded from time to time from net revenues as provided in Section 5.18(a).
Operating Expense Account. Provided no Event of Default has occurred and is continuing, funds deposited into the Operating Expense Account shall be used for Operating Expenses at the Individual Properties pursuant to the Approved Budget then in effect. In accordance with the Cash Collateral Account Agreement, commencing at the commencement of each Interest Accrual Period, Borrower shall or shall cause an amount to be deposited into the Operating Expenses Account equal to the Operating Expenses applicable to the calendar month in which such commencement date occurs pursuant to the Approved Budget then in effect. To the extent funds are available in the Operating Expense Account and provided no Event of Default has occurred and is continuing, Lender shall disburse funds on deposit in the Operating Expenses Account to Borrower for such Operating Expenses one time during each week. Borrower shall use funds disbursed to Borrower from the Operating Expense Account for Operating Expenses in accordance with the Approved Budget or as otherwise approved by Lender. For purposes of calculating Operating Expenses hereunder, Operating Expenses shall exclude all amounts reserved for in a Reserve Account under the terms of this Agreement and/or the Cash Collateral Account Agreement including, without limitation, in the Tax and Insurance Reserve Account and the FF&E Reserve Account.”
Operating Expense Account. No later than fifteen (15) days after the Commencement Date (and in any event, prior to KSM’s incurrence of any Operating Expenses), City shall deposit into the Operating Expense Account, City’s Advances equal to the first month’s estimated Operating Expenses, including all payroll obligations (as specified in the approved Budget). KSM shall use the funds in the Operating Expense Account to pay the Operating Expenses of the Course. No later than fifteen (15) days before the start of any subsequent month, KSM shall provide City with a statement describing the anticipated Operating Expenses for the next month. Within ten (10) days after City’s receipt of such statement from KSM, City shall remit to the Operating Expense Account the amount set forth in such statement. City and KSM shall work together to reconcile estimates to actual expenses and deduct or add calculated difference from subsequent advances.
Operating Expense Account. The term “Operating Expense Account” shall have the meaning described in Section 3.5.2 of the Agreement.
Operating Expense Account. The Operating Expense Account had been funded in an amount equal to $375,000, which equals 30 days of operating expenses as set forth in the Operating Expense Budget delivered pursuant to Item 15.